This Friday, Elon Musk announced that he is withdrawing from the Twitter deal, but that doesn’t mean it’s over. Reuters reports that Twitter has hired a law firm Wachtell, Lipton, Rosen & Katz LLP as it intends to sue Musk and force him to close the $ 44 billion acquisition.
The fact is that Musk signed a legally binding agreement in April, under which he is required to acquire the company at $ 54.20 per share (with that agreement he also waived his right to due diligence).
However, Musk soon got cold and announced in May that the deal was on hold. That was so I could investigate Twitter claims that no more than 5% of “monetizable daily active users” are robots. Musk believes the actual figure is much higher and that Twitter prevented him and his team from investigating, thus violating several provisions of the contract.
Twitter is expected to file the lawsuit this week, according to Bloombergwhich cites several privileged people.
Interestingly, Wachtell He previously worked for Musk as a legal advisor in 2018 when he tried to take Tesla privately (the famous “insured financing” incident). Musk has played Quinn Emanuel Urquhart and Sullivan LLPwhich previously defended him from the resulting defamation suit against him in 2019 (and they won).
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